Added a patch that clears up the incorrect help. It now accurately reflects the only constraints that the code actually puts on the arguments:

    if listfuncs and (count or trace):
        _err_exit("cannot specify both --listfuncs and (--trace or --count)")

    if not (count or trace or report or listfuncs or countcallers):
        _err_exit("must specify one of --trace, --count, --report, "
                  "--listfuncs, or --trackcalls")

To reflect both of those constraints, and only those constraints, the part of the help message in question now reads:

Otherwise, at least one of the following options must be given:
-t, --trace           Print each line to sys.stdout before it is executed.
-c, --count           Count the number of times each line is executed
                      and write the counts to <module>.cover for each
                      module executed, in the module's directory.
                      See also `--coverdir', `--file', `--no-report' below.
-l, --listfuncs       Keep track of which functions are executed at least
                      once and write the results to sys.stdout after the
                      program exits. Cannot be specified alongside `--trace`
                      or `--count`.
-T, --trackcalls      Keep track of caller/called pairs and write the
                      results to sys.stdout after the program exits.
-r, --report          Generate a report from a counts file; do not execute
                      any code.  `--file' must specify the results file to
                      read, which must have been created in a previous run
                      with `--count --file=FILE'.